TSFE sells $2.5B stakes in state-run firms in FY2023/24: CEO
Updated 12/12/2023 7:34:00 AM
Arab Finance: The Sovereign Fund of Egypt (TSFE) has succeeded in selling stakes worth $2.5 billion in state-owned firms out of the $5 billion targeted sales under the state IPO program for the current fiscal year (FY), TSFE’s CEO Ayman Soliman told CNN Business Arabia.
The TSFE is about to finalize deals on selling stakes in historic hotels in Egypt, and final contracts are expected to be signed before the end of the year, Soliman noted.
He added that the government has concluded the sale of stakes in three petroleum companies to the UAE’s ADQ, saying that new deals would be announced within the first quarter (Q1) of 2024.
The fund will also sign the final contracts of the National Democratic Party’s (NDP) deal with the anticipated winning consortium before the end of 2023, the CEO said, adding that there is a plan to develop the Downtown area in Cairo, including the NDP’s site.
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